Despite negative performance, the spot bitcoin ETF attracts billions, signaling long-term investor conviction
BlackRock’s spot Bitcoin ETF has emerged as one of the most striking anomalies in the ETF market this year. At a time when performance-driven investing often dominates flows, this fund has continued to attract massive capital even while posting losses, highlighting a shift in how investors approach digital assets.
Steady Inflows Amid Weak Returns
In 2025, the iShares Bitcoin Trust has drawn more than $25 billion in net inflows, ranking sixth among all U.S. exchange-traded funds by new capital raised. What makes this notable is that the ETF is down nearly 10% year-to-date, making it the only fund in the top 25 by inflows with a negative return.
By comparison, the leading gold-backed ETF gained around 65% in 2025 yet still attracted less new money than the bitcoin fund. Traditional equity ETFs tracking major U.S. indices dominated the very top of the inflow rankings, but none matched bitcoin’s ability to pull in capital during a down year.
Analysts see this as evidence of long-term holding behavior rather than short-term speculation. Investors appear willing to tolerate volatility in anticipation of future upside, suggesting growing confidence in bitcoin as a strategic asset.
The takeaway is clear: if a bitcoin ETF can gather tens of billions during a losing year, its potential during a strong market cycle could be far greater. This resilience may reshape expectations for crypto-linked investment products in the years ahead.
Disclaimer
This content is for informational purposes only and does not constitute financial, investment, or legal advice. Cryptocurrency trading involves risk and may result in financial loss.